Recent Updates — SLND-WT
Southland Holdings, Inc. received a notice from NYSE Regulation on September 23, 2026, stating it is no longer in compliance with continued listing standards due to failing stockholders' equity requirements. The company reported a stockholders’ deficit of $248.2 million as of June 30, 2026, and net losses for the last three fiscal years. Southland must submit a plan by October 23, 2026, to regain compliance with listing standards by March 23, 2028. Failure to submit or accept the plan may trigger delisting proceedings. The company operates in the specialized infrastructure construction services industry.
Southland Holdings entered into a Financial Assistance Agreement and Second Amendment to its Credit Agreement with surety partners on August 13, 2026. The company expects to convert $150.86 million of Non-Bonding Financing into senior non-voting preferred shares by September 30, 2026. Bonding Surety Financing totaled $58.97 million as of June 30, 2026. The Credit Amendment retroactively reduced the interest rate to 4.00% per annum with capitalized interest, suspended quarterly amortization and financial maintenance covenants, and eliminated certain early maturity triggers for the outstanding $96.4 million term loan balance.
Southland Holdings reported a significant deterioration in financial performance for the quarter ended June 30, 2026. Revenue fell 47.4% to $113.3 million from $215.4 million in the prior year period. The company recorded a gross loss of $71.2 million and a net loss attributable to stockholders of $84.3 million, or $(1.55) per share, compared to a net loss of $10.3 million in 2025. The decline was primarily driven by unfavorable non-cash adjustments related to legacy disputes and unresolved contract modifications, which negatively impacted revenue by $102.3 million and gross profit by $93.6 million. EBITDA turned negative at $(73.4) million from a positive $4.2 million previously. Despite the losses, backlog remained substantial at $1.68 billion. Southland Holdings operates in the specialized infrastructure construction industry.